The world is on lockdown and for a lot of entrepreneurs and small business owners, there is so much uncertainty. Cash flow problems are on the top burner for a lot of entrepreneurs and small business owners.
This unprecedented period would pass but you must not let it pass without fixing your business. This period can give you that extra edge in your business if you audit your business. Review documents, processes and reorganise a bit of your admin.
The best way to deal with problem situations is to be prepared. Know what you need and how to implement it. This is what success is all about. We find that too often we stare at being prepared with Social Media, Marketing and getting new business, that we actually get wrapped up in it.
The problem is: with any successful business it doesn’t just have the winning factor of marketing but it also has the balanced combination of managing the business and dealing with complaints, debtors etc. It is a package deal when having your own business. Yes, we know that the debts, complaints and contracts are not always the fun stuff – but having your own business means dealing with all of the components to make it a successful business – that includes the not-so-fun-stuff.
Prevention is after all the best cure! We have compiled a list of must-haves for your business to help you make sure that you are all covered and ready when business is back to normal.
DISCOUNT POLICY. You must have a discount policy for reference when clients request for discounts during negotiations. The policy states when and how to give discounts. Never deviate from the policy.
STANDARD EMAIL REPLY FOR CLIENTS REQUESTING DISCOUNT. Automatically inform clients of your policy via email or your preferred means of communication.
LETTER OF DEMAND IF A CLIENT BREACHES AN AGREEMENT. Getting the procedure in place and understanding what needs to happen is just as important.
LAY DOWN A PROCEDURE TO FOLLOW WHEN CLIENTS BREACH. You need to have a procedure, even if it is just in the back of your mind. This helps you to not freak out when that moment arises when you will need it. Most likely in your business career you are going to have to face this problem at one point or another. You must have a laid down procedure to tackling breaches as they occur. Your procedure must be swift and decisive.
MANAGING DEBTORS. Most businesses manage their debtors. It is a myth that successful businesses do not have debtors at all. Big corporate companies and businesses alike will have debtors, they just have systems in place to manage it. Managing debtors is a key element because whether it is the economy that your clients are facing or the Coronavirus – there will always be non-paying clients. It is important to have a system where you can manage this. Whether by just having a follow-up reminder system. But you can never just leave this without dealing with it.
Whether you are looking to draft the necessary documents to help you act decisively when a client or partner breaches an agreement, or you need to take action against a breaching party, we have got you covered. Get in touch with us via email at firstname.lastname@example.org